行业周报：新房二手房成交面积同环比下降，央行再度下调LPR-20250511

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The transaction area of new and second-hand houses has decreased both year-on-year and month-on-month, with the central bank again lowering the LPR by 25 basis points. The sales in the first four months of 2025 have shown initial stabilization, and the political bureau meeting in April affirmed the effectiveness of real estate adjustment policies, indicating that more positive fiscal and monetary policies are expected to support the industry's steady development [4][58]. Summary by Sections 1. Policy Implementation - The central bank has announced a reduction in the personal housing provident fund loan interest rate by 0.25 percentage points, with the five-year and above first home rate dropping from 2.85% to 2.6%. This is expected to save residents over 20 billion yuan in interest annually, supporting rigid housing demand and stabilizing the real estate market [13][15]. 2. Sales Performance - In the 19th week of 2025, the transaction area of new residential properties in 68 cities was 2.1 million square meters, a year-on-year decrease of 15% and a month-on-month decrease of 8%. Cumulatively, the transaction area from the beginning of the year to date is 43.97 million square meters, with a year-on-year decline of 3% [20][31]. - The transaction area of second-hand houses in 20 cities was 1.6 million square meters, with a year-on-year growth rate of -28% [35]. 3. Investment Performance - In the 19th week of 2025, 100 major cities launched land planning with a total area of 27.98 million square meters, and the transaction area was 11.4 million square meters, a year-on-year increase of 47%. The average transaction premium rate was 12.4% [42][43]. 4. Financing Trends - In the 19th week of 2025, the issuance of credit bonds was 5.81 billion yuan, remaining flat year-on-year but increasing by 183% month-on-month. The average weighted interest rate was 2.25%, a decrease of 32 basis points [47][51]. 5. Market Review - The real estate index rose by 0.41% in the week of May 6-9, 2025, underperforming the Shanghai and Shenzhen 300 index, which rose by 2%. The real estate sector ranked 27th among 28 sectors [53][54].